The fund has issued about $350 million in loans since 2011
SANAD, a microfinance investor, issued the loan to Egypt’s sixth largest bank, Banque du Cirque, to increase lending to small businesses.
In Egypt, more than 2.5 million small businesses are responsible for more than 90% of private sector jobs and 80% of Egypt’s GDP. SANAD’s loan will increase Banque du Cirque’s lending throughout its network of 230 branches.
SANAD, which means “support” in Arabic, was launched by KfW Development Bank in 2011 to invest in financial institutions and organizations lending to small businesses and low-income households in the Middle East and North Africa.
It has issued about $350 million in loans since 2011.